Marriott International Sees 4Q Loss

BETHESDA, MD— Marriott International reported a fourth-quarter loss on Feb. 13, with results falling short of Wall Street’s expectations. The company lost $116 million, or 48 cents per share, in the three months ended Dec. 28. That compares with a profit of $149 million, or 59 cents per share in the year-earlier quarter. Excluding $271 million in restructuring and other one-time charges, the company reported income from continuing operations of $56 million, or 22 cents a share. Analysts surveyed by Thomson Financial/First Call predicted Marriott would earn 25 cents per share on that basis. Chairman/CEO Bill Marriott said the company saw a 25% drop in revenue per available room,with much of the decline coming from convention and resort hotels. Total revenue fell 10% to $2.87 billion from $3.18 billion in the fourth quarter of 2000. Marriott predicted that revenue per available room would continue to decline by 2% to 3% in 2002, but rebound in 2003. For all of 2001, the company earned $236 million, or 92 cents per share, compared with $479 million, or $1.89 per share for all of 2000. Revenue was $10.2, compared with $10.1 billion a year earlier.